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CONDOMINIUM OWNERSHIP cont’d.

Continuation of my discussion on Condo Ownership. It always amazes me that so few owners of this type of real estate understand the consequences of owning it. And that so few of real estate agents who are selling potential buyers into this kind of property explain the implications of owning a condominium. [Living in British Columbia, this type of residence or home is referred to as “strata” [ A strata usually is a geological entity. http://en.wikipedia.org/wiki/Stratum ]

Then why do realtors sell this type of property as a “suite” instead of referring to it as a unit in a shared building (shared by more than at least two owners who are responsible for the maintenance, upkeep, financial assets, insurance and other sundries) which – the bigger the building and the older it gets – could amount to millions of dollars for repairs and maintenance to the entire building structure. Hence “an albatross around my neck” expression.

What makes it much worse is the loss of control each unit holder has on the operation of such a building, worse the larger it is. And those who are running the day to day whatever is needed, or even worse, an external management company, otherwise also referred to as “mismanagement company”. It is common human nature that people enjoy controlling others. Unfortunately those are mostly the ones who are incompetent or know the least of construction, finance control. In several condo’s I owned I didn’t have a big problem. But once in a while one is hung up in a situation that becomes the background for a NIGHTMARE CONDO story. Especially if one sees one’s investment going down the drain – literally in a ‘waterfall of busted pipes and other regularly occurring floodings’.

Having lived so many years in Alberta, Canada, in my own homes, on my own land, not sharing any common property, or other buildings hanging around my neck and making my life more miserable, trying to get out is not an option anymore, but has become a necessity.